Recent dollar's surge versus the rupee propelled mills to keep buying on the cotton market on Saturday in the process of trading, dealers said. The official spot rate was unchanged at Rs 8,800, they added. Prices of seed cotton in Sindh were at Rs 3000-4000, in the Punjab seed cotton prices were at Rs 3600-4100 and in Balochistan, rates of seed cotton were at Rs 3600-4200, they said.
In the ready session, about 17,000 bales of cotton changed hands between Rs 8050-9050, they said. Cotton analyst, Naseem Usman said that most of the buyers tried to lay hands over the fine, but most deals finalised at lower rates. He also said that trading activity may revive after the solution of trade war related issues at the Group of 20 meeting in Argentina, next week.
Other brokers said that major negative factor affecting the trade these days is piling up of yarn stock with spinners. There is little demand from domestic and export markets for cotton yarn, they added.
Rates of cotton were almost down in the international markets, they said.
The following deals reported: 400 bales of cotton from Shahdadpur at Rs 8350, 1400 bales from Khairpur Mirus at Rs 8600, 1200 bales from Saleh Pat at Rs 8750/8775, 400 bales from Dherki at Rs 9050, 400 bales from Sakrand at Rs 8200, 400 bales from Moro at Rs 8400, 3000 bales from Rahim Yar Khan at Rs 8050/9050, 1000 bales from Khanpur at Rs 9000/9050, 2000 bales from DG Khan at Rs 9000, 200 bales from Multan at Rs 9000, 600 bales from Fort Abbas at Rs 8650, 800 bales from Yazman Mandi at Rs 8600, 1600 bales from Haroonabad at Rs 8500, 600 bales from Layyah at Rs 8450, 400 bales from Vehari at Rs 8050 and 1000 bales from Sadiqabad at Rs 9000, they said.
===========================================================================
The KCA Official Spot Rate for Local Dealings in Pakistan Rupees
---------------------------------------------------------------------------
FOR BASE GRADE 3 STAPLE LENGTH 1-1/16"
---------------------------------------------------------------------------
MICRONAIRE VALUE BETWEEN 3.8 TO 4.9 NCL
===========================================================================
Rate Ex-Gin Upcountry Spot Rate Spot Rate Difference
For Price Ex-Karachi Ex. KHI. As Ex-Karachi
on 23-11-2018
===========================================================================
37.324 kg 8,800 160 8,960 8,960 NIL
Equivalent
40 kgs 9,431 171 9,602 9,602 NIL
===========================================================================
Comments
Comments are closed.